Suntech says it has reached "an understanding" with key creditors on the basic outline of a restructuring package that would allow it to “continueas a major worldwide supplier in the solar industry”.
The contours of the proposed restructuring packagewill be familiar to observers of the bankruptcy-prone PV industry in recent years.
Creditors will be asked to trade their debt claims into equity ina new streamlined version of Suntech, requiring deep losses,while an unnamed “strategic investor” will buy into the company via newlyissued equity.
Meanwhile,
